AN EMBARRASSMENT OF RICHES: CONFRONTING OMITTED VARIABLE BIAS AND MULTISCALE CAPITALIZATION IN HEDONIC PRICE MODELS
AN EMBARRASSMENT OF RICHES: CONFRONTING OMITTED VARIABLE BIAS AND MULTISCALE CAPITALIZATION IN HEDONIC PRICE MODELS
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DOI：
10.1162/rest_a_00134
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发表时间：
2011-11-01
影响因子：
8
通讯作者：
Klaiber, H. Allen
中科院分区：
文献类型：
--
作者：
Abbott, Joshua K.;Klaiber, H. Allen
许多研究者通过使用空间固定效应来解决特征价格模型中遗漏变量偏差的问题。我们认为，这种方法没有考虑的偏见所带来的影响，重叠的非市场商品的资本化区域。我们表明，这种偏见可以支配通常省略变量的偏见，使用开发商提供的开放空间的数据。我们控制多尺度资本化和省略的变量，同时通过扩展的Hausman-Taylor估计，其中的面板组件的估计是定义在重复的交易在街区内，而不是传统的定义以下一个独特的横截面单位通过时间。
Many researchers have addressed concerns of omitted variable bias in hedonic price models through the use of spatial fixed effects. We argue that this approach does not consider the biases introduced by effects that overlap the zone of capitalization for nonmarket goods. We show this bias can dominate the usual omitted variable bias using data on developer-provided open space. We control for multiscale capitalization and omitted variables simultaneously by extending the Hausman-Taylor estimator where the panel component of the estimator is defined over repeated transactions within neighborhoods rather than the traditional definition following a unique cross-sectional unit through time.